Bill Fleckenstein: "It’s ridiculous that people talk about the environment as being a deflationary environment. It’s stagflation. There’s no growth, there’s no growth in income, but costs are going up. Anybody who wants to tell me the cost of living has dropped in the last few years is out of their mind.
"People look at housing and say, ‘Oh my God deflation.’ Well, it’s a burst bubble, that’s not deflation. Deflation is your currency appreciating against a basket of goods and services and that is not happening. We’ve been experiencing stagflation, it just hasn’t been described that way."